KeyBanc analysts raised their price target for NVIDIA (NVDA) and other chipmakers in a note Monday, saying that artificial intelligence remains robust as expected, despite plenty of cross currents.
The Nvidia (NASDAQ:NVDA) price target was raised to $1,200, while the Qualcomm (NASDAQ:QCOM) price target was lifted to $205, and Monolithic Power Systems' (NASDAQ:MPWR) was increased to $850. KeyBanc also increased its Arm Holdings (NASDAQ:ARM) target to $135, its Micron Technology (NASDAQ:MU) target to $150, and cut its Marvell Technology (NASDAQ:MRVL) target to $90.
In the note covering the firm's Asia takeaways, KeyBanc said its quarterly supply chain findings were mixed.
"In analog, we're seeing signs of life within China, while ROW remains muted, but 1Q appears to be the bottom," stated the bank. "PCs are still tracking to roughly flat for the year; while iPhone demand is weaker in China, demand in India is stronger; Android high end remains healthy, offset by softness in mid/low."
"AI remains robust as expected, despite plenty of cross currents, while CoWoS capacity is expected to double in 2025."